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Value Added Tax Act (as amended)
ActNigeria Source: FIRS / Laws of Nigeria
TaxVATSales TaxFIRS
Summary (Plain English)
Imposes VAT on goods and services in Nigeria. Standard rate: 7.5% (increased from 5% in 2020). Businesses with annual turnover above NGN 25 million must register. Monthly VAT returns required (due by 21st of following month). Exempt items include basic food items, medical and pharmaceutical products, educational materials. Export of goods is zero-rated.
What This Means For You
- • VAT rate: 7.5%
- • Registration required if turnover exceeds NGN 25 million
- • Monthly returns due by 21st of following month
- • Basic food, medical supplies, and education materials are exempt
- • Exports are zero-rated
Original Source
https://lawsofnigeria.placng.org/laws/V1.htmContent sourced from FIRS / Laws of Nigeria. Always refer to the official document for authoritative text.
Not legal advice. This summary is for informational purposes only. ONIM does not store or republish full legal texts. Always consult a qualified legal professional for advice specific to your situation.